Transform your passion into a business

Business consultancy and business advice in Plymouth and Exeter, Devon

Those who are passionate about the work they do are more likely to succeed than those who are in it for other reasons. 

Following your passion leads you to happiness. It provides you with a sense of realization, and gives purpose to life. When you have purpose, you become happier, and healthier. 

And when you do that which makes you happy, you experience less stress, anger and stray miles away from negative emotions. 

You may have wanted to start your own business for a very long time now. With your full-time job not bringing you any joy or satisfaction, starting your own entrepreneurial journey now is a step in the right direction.

But how should you go about it? 

We bring you 5 simple tips to help you start your own business on what you’re passionate about. 

Tip 1: Perform a skill and strength check

Before embarking on this new journey, there are some tough questions you should ask yourself- what are the things you can do easily, areas you have experience in, and skills that come naturally to you. 

It is crucial to do a thorough background check on your strengths and skill set because it helps you assess the amount of work and time you will have to devote to starting a side-hustle and to understand what kind of resources you will need, and how much. A thorough assessment about yourself allows you to catch areas of knowledge and skill gaps easily and also boosts your confidence. 

If you’re unsure about your strengths it may help to ask your family members or friends and those who know you well. 

Tip 2: Take calculated risks

You may have heard numerous people say that if you want to follow your passion, you have to quit your ‘boring’ job. Even though hundreds and thousands of people have followed this idea, it hasn’t always yielded the best results. Simply because it’s a flawed plan.

While taking risks is important, make sure those risks are supported with a backup, in case your plan fails. 

Starting your side-hustle while you’re still working full-time is definitely a good idea. This way you will be financially secure and allow more time for your business to flourish. So, you might want to think again about quitting your job.

Another way to safeguard yourself from future perils is to set aside money for your business.

Tip 3: Build your knowledge base and get some experience

Acquiring work experience in your chosen field before starting your own business can give you an insider’s perspective on what your future will look like.

We strongly advise you to get hands-on experience in your area of work. This could be anything from a short-term internship to a project or volunteer work.

Working with teams on your project of interest, understanding a leaders’ roles and qualities, and paying attention to the minute details of tasks are some things that will benefit you in the future.

If you have already set up your business, getting on the board of other startups can help you get some perspective, too. Working with others and executing plans is another effective way to learn.

Never hesitate to ask for help or advice either, as others might have ideas that could ease your work. This is also a great opportunity to build your network. 

Tip 4: Prepare a list of things and resources you will need

Starting your own business entails a lot more work than we anticipate. Even if you are well prepared, there still are chances of missing out on important details. This is why we strongly suggest you create a list of things you will need as you keep building your company. This could include your own website, brand name and logo, an office (if you’re planning to set up a physical presence), and maybe even a team of people to help you with various aspects of the work.

Be as specific as possible when writing down the cost and estimated time of implementation. Using Project Management tools to manage and track inventory, and plans can be quite effective too!

Tip 5: Don’t be afraid to start (and fail)

Sometimes what’s stopping us from achieving our goals is the fear of failure. 

When you begin your journey, there will be multiple setbacks, but you can overcome them with your motivation and drive. And lucky for us, this comes naturally! 

During the course of establishing your business, you may have to make multiple changes to your plans, try out different models and experiment with new ideas. But that is exactly what makes the journey fun and enjoyable. 

Don’t let failures in planning or constant changes discourage you. Instead make use of this learning phase to implement a stronger and more resistant business model. It’s okay to not have everything mapped out and working. Just remember to give yourself time and everything else will fall into place!

Starting your business can seem like a big and daunting task. But it doesn’t have to be. By following these easy steps you can start and run your own business successfully. Always remember that the key to success is perseverance. So, don’t simply give up at the first, second or third hurdle!

You can book a free initial consultation call with our resident business consultant by calling us today on 07716051514 to bounce questions and ideas. Our consultancy packages range from hand holding and 1-2-1 mentoring, to checking over documents and practice pitching. We can also advise on hosting and emails, to get you started on your first step.